Harmony plans to roll back the blockchain to its state on August 11 following an exploit that created counterfeit ONE tokens, canceling over 109,000 transactions confirmed after the chosen checkpoint.
The Layer 1 Harmony ONE network announced on Monday that validators will revert to blocks recorded on August 11 at 11:25 UTC. New blocks will be created at subsequent heights using backup databases.
The period to be canceled includes 109,126 regular transactions and 315 staking transactions. Harmony stated that a selective rollback is unsafe: balances, smart contract states, nonces, and other parameters in the new chain would differ.
Last week, Harmony considered a rollback after reports of unauthorized ONE tokens being minted and sent to exchanges.
On Monday, the company said investigators have traced nearly all counterfeit ONE to wallets or within the purview of service providers and are working with exchanges, bridges, and law enforcement. According to the latest CoinGecko data, the token's market capitalization at that point was approximately $10.8 million.
Harmony's plan aligns it with Ravencoin: both networks aim to cancel already confirmed blockchain operations following an exploit.
Ravencoin faced a potential three-day blockchain reorganization after an exploit of a vulnerability in its consensus mechanism. Mining pools controlling a majority of Ravencoin's hash rate began building a competing chain that could roll back previously confirmed transactions.
Ravencoin's recent price — $0.002819 — corresponded to a market capitalization of $46.3 million.
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